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New insights into equity valuation using multiples

Auteur(s)
Kang, Jian 
Institut du management de l'information 
Editeur(s)
Starica, Catalin 
Institut du management de l'information 
Date de parution
2016
Mots-clés
  • Equity valuation
  • multiples
  • accuracy
  • stochastic dominance
  • non-linear
  • P/E
  • P/B
  • EV/EBITDA
  • Equity valuation

  • multiples

  • accuracy

  • stochastic dominance

  • non-linear

  • P/E

  • P/B

  • EV/EBITDA

Résumé
The thesis focuses on the equity valuation using multiples. Based on the notion of stochastic dominance, a relative valuation framework for comparing accuracy is developed and employed in the thesis. <br>In the first paper, we investigate the feasibility of a relative valuation framework for tracking developments of value relevance of earnings and book values across time. <br>The second paper focuses on the performance of EV/EBITDA, a multiple that gained in popularity with practitioners during the last decade, relative to that of the traditional multiple P/E. <br>The last paper explores the possibility of applying non-linear methods to improve the precision of multiple valuation.
Notes
Thèse de doctorat : Université de Neuchâtel, 2016 ; 2523
Identifiants
https://libra.unine.ch/handle/123456789/6331
_
10.35662/unine-thesis-2523
Type de publication
doctoral thesis
Dossier(s) à télécharger
 main article: these_KangJ.pdf (1.38 MB)
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